Dear Members,
We want to merge two of our Pvt. Ltd. Comp. out of which company A is Holding and B is subsidairy having same shareholders and directors (beneficery owners). Reason being company A is not in business for years and we do not want to maintain compliances further. Now Comp. A holds 65000 thousand of shares in comp. B so we decided to transfer shares as Gift to the directors. Question is how and under quoting which section (both company and income tax act) shares can be transferred as gift so that transferror do not receive any capital gain and the procedure for doing it.
CAclubindia
